Futures Contract Specifications. Updated as on 18 November 2009
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| Type of Contract |
Futures Contract
Specifications |
| Name of Commodity |
PLATINUM |
| Ticker symbol |
PLATINUM |
| Trading System |
NCDEX Trading System |
| Unit of trading |
250 Grams |
| Delivery unit |
250 Grams |
| Quotation/base value |
Rs per 1 Gram |
| Tick size |
Rs 0.50 (i.e. 50 paise)
|
| Quality specification
|
Fine Platinum Bars
of minimum 99.95% purity bearing a serial number and an identifying
stamp of a supplier approved by LPPM |
| Quantity variation |
None |
| Basis |
Ex - Mumbai (exclusive
of all taxes, sales tax / VAT as the case may be, levies and other
expenses) |
| Delivery center |
Mumbai |
| Trading hours |
Mondays through Fridays
- 10:00 AM to 11:30 PM
10:00 AM to 11:55 PM (during US day light saving period)
Saturdays - 10:00AM to 02:00 PM
Expiry Date - at 11:30 PM / 11:55 PM *
All timings are as per Indian Standard Timings (IST)
*during US day light saving period
|
| Due date/Expiry date |
Trading in the contract shall
cease on the close of business on the third business day prior to
the end of contract month ( excluding Saturdays or any other trading
holidays) |
| Penalty Structure |
The penalty structure
for failure to meet delivery obligations will be as per Circular no.
NCDEX/TRADING-091/2007/235 dated October 4, 2007 |
| Delivery specification |
The buyer and seller
shall give intentions of taking/giving delivery through the delivery
request window at least three trading days prior to the expiry of
the contracts and such intentions can be given during 3 days which
would be notified separately. This will be matched by exchange for
physical delivery as per the process put in place by the Exchange.
|
| Delivery Logic |
Intention Matching
|
| Closing of contract |
All open positions
for which delivery intentions have not been received or for which
delivery intentions have been rendered but remain unmatched for want
of counterparty to settle delivery, will be cash settled at Final
settlement Price on the expiry of the contract. |
| Final Settlement Price |
The Final settlement price will
be calculated on the last trading day based on International spot
price at RBI reference rate. |
| Opening of contracts |
As per launch calendar |
| No. of active contracts |
As per launch calendar |
| Price limit |
Base daily price fluctuation
limit is (+/-) 4%. If the trade hits the prescribed daily price limit,
the price limits will be relaxed up to (+/-) 6% without any break/
cooling off period in the trade. In case the daily price limit of
(+/-) 6% is breached, then after a cooling off period of 15 minutes,
the daily price limit will be further relaxed up to (+/-) 9%. Trade
will be allowed during the cooling off period within the price band
of (+/-) 6%.
In case of price movement in International markets which is more than
the maximum daily price limit (currently 9%), the same may be further
relaxed in steps of 3% with the approval of FMC. |
| Position limits |
Client level: 100 Kgs
Member level: 300 Kgs or 15% of the open market position,
whichever is higher.
The above limits will not apply to bonafide hedgers. For bonafide
hedgers the Exchange will decide the limits on a case-to-case basis.
|
| Special Margin |
In case of additional volatility,
a special margin at such other percentage, as deemed fit, will be
imposed in respect of outstanding positions, which will remain in
force as long as the volatility exists, after which the special margin
may be relaxed |
| Additional Margin |
In addition to the above margins
the Regulator/Exchange may impose additional margins on both long
and short side at such other percentage, as deemed fit. Removal of
such Margins will be at the discretion of the Regulator/Exchange.
|
|
Contract Launch Calendar
| Launch Date |
Expiry Date |
19th November 2009
|
29th December 2009 |
19th November 2009
|
29th March 2010 |
19th November 2009
|
28th June 2010 |
19th November 2009
|
28th September 2010 |
10th February 2010
|
29th December 2010 |
|
Contract Launch Calendar of Platinum :-
| Contract Launch Month |
Contract Expiry Month |
| August 2010 |
March 2011 |
| August 2010 |
June 2011 |
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Members and market participants who enter into buy and sell transactions may
please note that they need to be aware of all the factors that go into the
mechanism of trading and clearing, as well as all provisions of the Exchange's
Bye Laws, Rules, Regulations, Product Notes, circulars, directives,
notifications of the Exchange as well as of the Regulators, Governments and
other authorities.
Members and market participants trading on the Exchange in the
commodity contracts shall be deemed to be aware of applicable laws and
amendments thereof from time to time, including provisions and rates relating
to the sales tax, value added tax APMC Tax, Mandi Tax, octroi, excise duty,
stamp duty, etc., applicable on the underlying commodity of any contract
offered for trading.
The Exchange shall not be responsible or liable on account of non
compliance by any of the members and market participants of any such applicable
laws or any amendments thereof including not being aware of rates of taxes,
levies, etc., on the underlying commodity of any contract offered for trading.
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